"Only Premier knows what its true agenda is for Myer and as your independent directors we have an obligation and duty to work in the best interests of all shareholders. PREMIER DOES NOT (sic)," wrote Hounsell.

"Premier and Mr Lew’s objective is to pursue its self-interests which by virtue of its conflicts cannot be aligned with Myer’s.

"Premier is asking you to vote against Myer’s highly experienced, conflict free and committed independent directors while at the same time failing to disclose its true plans and motives."

(Myer's chairman-elect Garry Hounsell. Image: Myer)

Last week Lew tore shreds off the Myer board, labelling the new direction of the fashion house as "simply arrogant".

Mr Lew railed against what he said was a lack of retail experience, an unappealing product range, and racks of discounted merchandise he called "a blight on the great Myer name".

"I have been shocked by the 'clearance floors' ... and they are one of the worst experiences I have had in more than 50 years of retail," Lew wrote.

Hounsell reputed this in his most recent letter, arguing that Lew's "campaign of hostility and obstructive action" was not in the best interest of the business.

"It should go without saying that the potential risks in allowing a competitor into our boardroom where we discuss highly sensitive matters such as performance and strategy would be enormously damaging and against the best interests of Myer shareholders," said Hounsell.

"In fact, they are against our fiduciary duty to you."

(Solomon Lew from Premier Investments. Image: AAP)

Premier Investments confirmed this morning it was looking into legal action against the retailer, accusing Myer of deficient disclosure and of deliberately restricting seats on the board to Premier Investments nominees.

"The situation is untenable," Premier told shareholders.

"Premier is, therefore, carefully considering its legal and other options in order to bring about urgently needed change to ensure that Myer shares are trading in an informed market."

Premier said shareholders do not have enough information to assess the performance of the so-called "New Myer" turnaround strategy, and reiterated its call for Myer to release its first-quarter sales and profit figures on Wednesday at its strategy day.

Myer has previously said it has rejected Premier's request for members on its board because of a conflict of interest due to Premier's status as one of its biggest suppliers.

Premier also criticised Myer's directors as having not enough skin in the game and said the current directors have been paid a total of $6.24 million in the time they've been on the board - but own only $452,000 worth of Myer shares.

Shares in Myer were down 2.22 percent, or $1.75, to 77.25 cents at 1322 AEDT.